a) Harry Hipsters Limited Ltd has been in operation for ten years. The following accounting policy is disclosed in their annual report in respect of the employee benefits:

Liabilities for wages, salaries, annual leave, long service leave and sick leave vesting to employees and post-employment benefits are recognised in respect of employees services up to the end of the reporting period. Liabilities for each of those employee benefits are measured at the nominal value at balance date.

Required:

Does this accounting policy comply with the requirements under the AASB standards? Justify your answer. (3 marks)